NZDUSD – 100 Moving Average As Major Resistance

The New Zealand Dollar recently recovered well from the 0.6847 low against the US Dollar. However, the upside move found a monster resistance near the 100 simple moving average at 0.6965 on the 4-hours chart.

The NZDUSD pair turned south after the failure, and moved below the 23.6% Fib retracement level of the last wave from the 0.6847 low to 0.6968 high.

The last 3 candles are extremely bearish, calling for more declines may be towards 0.6860.

An intermediate support is around the 61.8% Fib retracement level of the last wave from the 0.6847 low to 0.6968 high at 0.6893.

Any major rallies towards 0.6960 may be considered as selling opportunity.

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